TPL_YOOTHEME_SKIP_TO_MAIN_CONTENT

Business News Releases

Many small businesses still to switch to new digital payroll reporting system

LAST WEEK, Australian small businesses with 19 employees or less, were required by law to report using the new digital Single Touch Payroll (STP) reporting system - however around a third of small employers are yet to start reporting or notify the ATO they need more time to start.

STP requires employers to electronically send payroll information including wages, salary payments and superannuation to the Australian Taxation Office (ATO), at the same time as their usual pay run.

Many businesses can report from their existing accounting software if it’s STP-enabled but if it is not, then with some preparation employers can implement the new payroll scheme with minimal interruption.

Chartered Accountants Australia and New Zealand (CA ANZ) wants to remind small businesses to make the switch to avoid any unwanted calls from the ATO.

“According to the ATO, almost 400,000 small businesses have signed up to STP and around 100,000 have applied for quarterly reporting, been granted additional time to start reporting or are covered by the one year extension for closely held employees,” CA ANZ tax leader Michael Croker said.

“Given there are around 750,000 small businesses in Australia that employ people, many are yet to make the move.

“Small business employers who haven’t signed up for STP, or have not obtained a deferral or concession, can expect to be contacted by the ATO.

"The ATO won’t just go from nice guy to tough guy, but the dial will move in a way that triggers more direct engagement. 

"There is power in the legislation to penalise businesses who don’t make the switch which the ATO can use but currently the ATO is identifying and working with businesses to help them adopt STP.”

The intention of STP is to create transparency and guarantee employers are meeting their payroll obligations – particularly in relation to superannuation. 

“This scheme gives the ATO access to businesses real-time payments, meaning any underpaid entitlements, such as superannuation, will be identified,” Mr Croker said.

“Business who haven’t been meeting their employer payroll responsibilities can be identified and should expect to be contacted by the ATO.”

Businesses that have made innocent errors in their STP reporting can expect a light touch in this first year of reporting as the ATO has indicated that penalties will not be applied

“If your current payroll software hasn't been STP- enabled, or you don't use a payroll software, it’s a good idea to talk to your local Chartered Accountant about options that would best suit your business needs,” Mr Croker said.

https://www.ato.gov.au/Business/Single-Touch-Payroll/

ends

Take stock on World Mental Health Day: Ombudsman

THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell has urged small business owners to take a moment to consider their wellbeing ahead of World Mental Health Day 2019 tomorrow.

“This year’s World Mental Health Day focus is on suicide prevention, with someone in the world sadly taking their own life every 40 seconds,” Ms Carnell said.

“Organisers have asked everyone to take 40 seconds of action to raise awareness about mental health.

“Mental health is a serious issue for Australia’s small business community, with a new MYOB report revealing 56 percent of small business owners admit that running their business has directly brought on feelings of anxiety or depression," Ms Carnell said.

“48 percent of those small business owners reported their anxiety was largely caused by financial and cash flow concerns.

“Many small business owners may not be aware that the very worries that are keeping them up at night – such as cash flow, customer demands or paying suppliers – can actually cause high levels of psychological distress and have serious impacts on their mental and physical health," she said.

“It makes good business sense to invest in a mentally healthy workplace. Research by Pricewaterhouse Coopers has shown that every dollar spent on creating a mentally healthy workplace results on a positive return on investment of $2.30.”

www.asbfeo.gov.au

ends

Two Australian trade agreements to help bolster global trading system

THE Joint Standing Committee on Treaties has today tabled a report on Australia’s proposed free trade agreements with Indonesia and Hong Kong.

Committee chair Dave Sharma MP stated that at this time of growing global economic uncertainty and mounting trade tensions, countries like Australia needed to stand up for the principle of free trade and shore up the foundations of the global trading system.

“While dealing with different issues and contexts, these free trade agreements will create new opportunities for Australian-owned businesses in the region, and help bolster the global trading system at a time of growing uncertainty,” Mr Sharma said.

"Indonesia has a population of 270 million people, a solidly growing economy, and is on track to become one of the world’s most significant economies in the years ahead.

"The agreement with Indonesia has the potential to transform our economic relationship, and lift it to a level that better reflects the strategic importance of our countries to one another.

"Australian grain and citrus growers, cattle producers, mining equipment providers and vocational education suppliers all stand to benefit from improved access to the Indonesian market which the agreement provides," Mr Sharma said.

"But beyond this, and as the name implies, the Indonesia Australia Comprehensive Economic Partnership Agreement goes on to lay the foundations for a comprehensive economic partnership with our largest northern neighbour.

"It will support Indonesia’s own economic growth, by supporting Indonesian capacity in key areas, and position Australia as a partner of choice. It will improve the business and investment environment. It will provide a vehicle to tackle emerging issues in trade such as non-tariff and regulatory barriers, the digital economy, competition policy, transparency and telecommunications cables," he said.

"Indonesia is one of Australia’s highest priority relationships, and this agreement will help grow our ties in a part of the relationship that has been historically underdone.

"Our economic and trading relationship with Hong Kong, one of Asia’s most open economies, is already well-established and advanced," Mr Sharma said. "In 2018, Hong Kong was Australia’s 12th largest trading partner overall, with total two-way trade in goods and services worth $17.8 billion.

"The Australia Hong Kong Free Trade Agreement largely codifies existing trade and market access arrangements, providing certainty into the future.

"It also modernises the treatment regime for foreign investors, making investor state dispute settlement mechanisms more transparent and more constrained, and improving safeguards for governments wishing to adopt legitimate public policy measures in areas such as tobacco control.

"In considering this agreement, JSCOT heard from witnesses about the ongoing civil disturbances and political instability in Hong Kong," Mr Sharma said. "The committee supports a peaceful resolution of these issues, within the 'one country, two systems' framework and Hong Kong’s institutions.

"The committee recognises that the preservation of Hong Kong’s unique status under the Basic Law, under which it enjoys a high measure of autonomy, is in Australia’s national interest, and views ratification of the agreement as a means of supporting this unique status," Mr Sharma said.

The committee has recommended ratification of both treaties.

More information about this committee is on its website.

ends

 

Yellow research: Australian small business owners struggle in silence with stress and anxiety

ALMOST HALF of Australian small business owners feel stressed or anxious about work every day, yet most don’t seek help, according to a recent survey by Yellow.

Yellow surveyed 100 small business customers across the country from a wide range of sectors and found 40 percent of respondents are stressed about work, but an alarming 72 percent do not seek any help. This was most prevalent among small business operators aged 51 or above.

The survey investigated the impact of running a small business on the mental wellness of SMB owners, and how they cope with it.

Three quarters of the survey respondents have been running their business for more than 10 years, a tell-tale sign that managing work-related stress does not come any easier for seasoned SMB operators.

Managing business finances (32%), juggling multiple responsibilities (26%) and no work-life balance (16%) were cited as the top stressors. Half of those surveyed say they work more than nine hours per day – significantly higher than the daily average of 7.6 working hours.

One in five say not only their productivity takes a hit as a result of their work anxiety, but they also feel the brunt of it on their personal relationships. Despite this, 22 percent cite not wanting to be a burden to others as a deterrence from seeking help, while 14 percent say they are not sure where or who to seek help from.

“Running your own business can be hugely rewarding but it comes with high pressure and often small business owners find it hard to switch off from work after hours,” Yellow executive general manager James Ciuffetelli said.

“Having worked with Australian small businesses for more than four decades, we understand the challenges that come with being a small business owner. With Mental Health Week raising awareness of the issue this week, we want to remind all small business operators to take the first step of reaching out to someone – whether that’s a friend, a partner or a family member – and start a conversation about their mental wellbeing.” 


Yellow has produced a mental health handbook for small business owners in partnership with RUOK?, which is available for download here.

About Yellow

Yellow helps everyday Australians find, choose and connect with the best local businesses Australia wide. Yellow is the longest standing business directory, helping consumers solve their everyday life admin pressure and get things done. As the digital marketing experts, Yellow also champions Australian small to medium businesses. Yellow has an extensive range of digital marketing solutions including Yellow SEM, Yellow SEO, Yellow Digital Display, Yellow Social Ads, Yellow Websites and Pocket Office. Yellow is a division of Sensis – one of Australia’s leading marketing services companies. Other Sensis brands include White Pages, Sensis Data Solutions and Skip. Consumers use www.yellowpages.com.au. Businesses use www.yellow.com.au

About Sensis

Sensis helps Australians connect and engage through its leading platforms. Sensis helps create and manage valuable connections via itsdigital consumer businesses (Yellow, White Pages, True Local, Whereis and Skip), search engine marketing and optimisation services, website products, social, data and mapping solutions, and through its digital agency Found. Sensis is also Australia’s largest print directory publisher including the Yellow Pages and White Pages. www.sensis.com.au

ends

Further public hearing on nuclear energy

THE House of Representatives Standing Committee on the Environment and Energy is holding a further hearing in Sydney on the prerequisites for nuclear energy in Australia.

The committee will hear from a number of witnesses during the course of the day.

A full program is available on the inquiry website at https://www.aph.gov.au/nuclearpower.

Public hearing details:

Date: Wednesday, October 9, 2019

Time: 9am to 4:35pm
Location: Portside Conference Centre, 207 Kent St, Sydney

The hearing will be broadcast live at aph.gov.au/live.

The committee intends to hold further public hearings, which will be announced in due course on the inquiry website: https://www.aph.gov.au/nuclearpower.

ends

First gas at Senex's Project Atlas another win for Qld jobs: QRC

THE Queensland Resources Council has welcomed first gas produced from Senex Energy's Project Atlas near Wandoan in the Surat Basin.

QRC chief executive Ian Macfarlane said the achievement from Brisbane-based Senex was testament to the diversity of Queensland's gas industry and getting the State Government's policy settings to promote development of gas in Queensland for Queensland use.

"Queensland has both large and small producers such as Senex supplying gas which allows all gas fields to be developed. Everyone benefits when we develop our gas responsibly," Mr Macfarlane said.

“Gas from Atlas will supply Queensland manufacturers, including CSR, Orora and O-I and coincides with the completion of a pipeline connecting the project to the Wallumbilla gas hub.”

Project Atlas was granted a domestic only supply lease by the Queensland Government in March 2018.

“At the time it was a pilot guarantee for gas for domestic use which avoided the overly prescriptive conditions in a gas reservation policy. Now it's a flagship example of best-practice regulation in action – fast, effective and focussed on outcomes," Mr Macfarlane said.

“This project vindicates the Palaszczuk Government’s decision to release land specifically for developing gas for the domestic market but sadly Queensland continues to do all the heavy lifting to provide extra gas for the eastern Australian market.”

www.qrc.org.au

ends

Off again, on again - super guarantee amnesty

THE Institute of Public Accountants (IPA) has commended the Federal Government for reconfirming its commitment to ease the Superannuation Guarantee (SG) penalty regime by reintroducing a Bill for a one-off amnesty for historical SG underpayments.

“With increased transparency around when employers make SG contributions on behalf of employees thanks to Single Touch Payroll (STP), it is an opportune time for employers to make good any outstanding SG liability without the full draconian penalty regime applying, which acts as a disincentive in coming forward,” said IPA chief executive officer, Andrew Conway.

“We fully support the extended amnesty as it gives employers who wish to be compliant the opportunity to make good past underpayments and we encourage all Parliamentary parties to support the measure.

“The Opposition previously did not support the amnesty on the basis that employers should not be rewarded for SG non-compliance.

“While any non-payment of this worker entitlement represents wage theft; a practice never to be condoned, the IPA supports this amnesty period as it incentivises employers to come forward and do the right thing by their employees by paying any unpaid superannuation in full.

“We acknowledge that small businesses can sometimes experience cash flow issues, making them vulnerable when it comes to meeting their SG obligations by the required due date.  This amnesty gives them time to atone.

“At the end of the day money is been directed into employee’s superannuation accounts with some interest added and that’s a good thing.

“Employers that do not take advantage of the one-off amnesty will face significantly higher penalties if they are subsequently caught. In addition, throughout the amnesty period the ATO will continue its usual enforcement activity against employers.

“We are now urging all parties to support the amnesty and make it happen for employers to make the most of the situation,” said Mr Conway.

***Ends***

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 37,000 members and students in over 80 countries.  The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants. 

Political donation disclosure bill under review

THE Electoral Matters Committee has commenced a review into the Commonwealth Electoral Amendment (Real Time Disclosure of Political Donations) Bill 2019.

The bill, introduced to the House of Representatives by Member for Mayo Rebekha Sharkie, would amend the Commonwealth Electoral Act to require the agent or financial controller of the party, branch or campaigner to advise the electoral commission, within five days, of any donation received by the party, branch or campaigner that meets or exceeds the disclosure threshold of $13,800.

The Committee invites written submissions addressing any or all aspects of the bill.

Prospective submitters are advised that any submission to the Committee’s inquiry must be prepared solely for the inquiry and should not be published prior to being accepted by the Committee.

Submissions are requested by October 21, 2019. Further information about making a submission to a committee inquiry can be found at the following link.

Further information on the inquiry can be obtained from the Committee’s website.

ends

ATO kicks off Stay Smart Online week as online tax fraudster heads to jail

A MAN charged with 106 offences has been sentenced to five years jail today at the Brisbane District Court after it was found that he lodged 62 fraudulent income tax returns, attempting to obtain over $500,000 in refunds.

Between August 2015 and July 2016, Micah Robby Elstak used the aliases Robert Ketting-Oliver and Ryan McCarthy to orchestrate an elaborate online job scam through various companies, ultimately stealing the identities of 52 taxpayers.

After conducting fake interviews over the phone, Mr Elstak would email applicants to confirm they had been successful in their application for the job. He would also request a scanned copy of their driver’s licence, bank account details, tax file number and shirt size. 

Mr Elstak used this information to fraudulently create myGov accounts, or if they already had an account, he used the information to take over their account and change the details as required. He would then link the myGov accounts to ATO online services where he would lodge false income tax returns in their names. The resulting refunds were credited to one of 63 bank accounts in his control.

Many of the taxpayers reported the scam after they realised the job didn’t exist.

Internal bank anti-fraud measures, in conjunction with efforts by the ATO and Queensland Police Service, resulted in $378,099 of the $565,895 Mr Elstak claimed being stopped before it reached his bank accounts.

Assistant Commissioner Ian Read welcomed the sentence handed down today.

“As demonstrated today, people who try to cheat the tax system will get caught and we will take firm action, including penalties and criminal prosecution”, Mr Read said.

In light of Stay Smart Online week, Mr Read said that this sentencing serves "as a timely reminder for people to be aware of what you share".

“Never give out your personal identifying information unless you are certain of who you are speaking to. If your TFN (tax file number) or other personal information has been stolen, disclosed to or used by an unauthorised person call our Client Identity Support Centre on 1800 467 033," Mr Read said.

“Remember, your employer will only need details like your TFN and bank account through a TFN declaration form once you commence your employment.

“To protect taxpayers’ information, we are also encouraging myGov users linked to the ATO to update their myGov sign-in options and opt to receive a security code by SMS. It’s a quick and secure way to sign in to access ATO online services.

“You can help stop refund fraud. If you suspect someone of being involved in tax fraud, you should report it," Mr Read said.

Reports can be made to the ATO anonymously at ato.gov.au/tipoff.

ends

Carers celebrated as National Carers Week launches next week

AUSTRALIA'S 2.7 million unpaid carers will be recognised and celebrated during National Carers Week 2019 this October.

The national campaign will officially launch in Brisbane on Friday, October 11, at the Gala Lunch event hosted by Carers Queensland at Hillstone, St Lucia.

National Carers Week runs from October 13- 19 and it helps raise awareness of caring, highlight the challenges carers face and recognise the vital contribution they make to families and communities throughout Australia. 

The theme for this year’s campaign is ‘Why We Care’ and it encourages Australians to visit the Carers Week website (carersweek.com.au) to share their stories and say why they care.

Jim Toohey, chair of Carers Queensland said Carers Week is an opportunity to raise community awareness among all Australians about the diversity of carers and their caring roles.

“One in eight Australians is a carer. The value of their caring role estimated at $60.3 billion per year and yet carers often experience social isolation and find it harder to maintain employment, enter the workforce or participate in education,” Mr Toohey said. 

“In Queensland, there are 474,300 carers providing 334 million hours of care annually.

“Carers, the people they care for and their families are at the centre of everything we do. We work with them to improve their quality of life,” he said. 

The Gala Lunch event will be attended by carers, State Government representatives and other dignitaries, with entertainment by guest speaker, medical doctor and author Helena Popovic.

During the event, state winners of the Carer-Friendly Business Awards will be announced, acknowledging those individuals and businesses who have made a real difference in the community.

As part of the National Carers Week celebrations, Carers Queensland will also be running a range of events and awareness activities across Queensland for the broader community to get involved and say why they care. 

For more information on Carers Week events or to get involved visit http://carersqld.com.au/carers-week or contact Carers Queensland on 1800 242 636. 

Event Details 
Date: Friday, October 11 2019
Venue: Hillstone, St Lucia
Carawa Street, St Lucia 
Time: 12–3pm. 
Awards presentation at 2pm.

ends

QRC welcomes collaborative approach to gas supply

The Queensland Resources Council (QRC) welcomes the completion of the 60km pipeline that will connect Senex’s Project Atlas gas project (near Wandoan) to Queensland Gas Pipeline at Wallumbilla.

QRC chief executive Ian Macfarlane said infrastructure company Jemena built the pipeline which was made possible after the Palaszczuk Government approved Project Atlas for domestic-only gas production in March 2018.

“I congratulate industry for partnering together to deliver more gas to the east coast market and the Palaszczuk Government for helping to put downward pressure on energy prices,” Mr Macfarlane said.

“The Palaszczuk Government has been very proactive in its support of the gas industry but other states must back their own industry and explore for their own gas.

“Queensland manufactures such O-I Australia, CSR and Orora can access this gas to power their businesses which can power further jobs. Already this pipeline project has created around 150-200 jobs."

Mr Macfarlane said last week APLNG sold 61 petajoules of gas (supply for approx. 1.5 million homes per year) to Origin for the domestic market.

“These are more examples of Queensland’s gas industry leading the nation with a forward looking approach to developing its gas reserves.”

www.qrc.org.au

ends

More Articles …